KUALA LUMPUR (Feb 25): The FBM KLCI closed 23.99 points or 1.54% higher at 1,581.54 today as optimism on corporate earnings boosted investor sentiment.
There was general optimism following encouraging results released by companies, Rakuten Trade's head of equity sales Vincent Lau told theedgemarkets.com
He said the improved sentiment was also due to the rebound in global markets after yesterday's sharp pullback.
Blue-chips stocks that powered the FBM KLCI included Press Metal Aluminium Holdings Bhd, Axiata Group Bhd and Hap Seng Consolidated Bhd.
Banking stocks also supported the KLCI, including CIMB Group Holdings Bhd, Malayan Banking Bhd, Public Bank Bhd, RHB Bank Bhd and Hong Leong Bank Bhd.
A total of 10.44 billion shares, worth RM6.63 billion, changed hands on Bursa Malaysia, compared with 12.7 billion shares worth RM6.85 billion yesterday.
Gainers outnumbered losers by 857 to 402, while 411 counters remained unchanged.
Technology stocks were among the top gainers led by Malaysian Pacific Industries Bhd (up RM2.94 or 8.39% to RM38).
Others included D&O Green Technologies Bhd, Pentamaster Corp Bhd, Unisem (M) Bhd and Dufu Technology Corp Bhd.
The Bursa Malaysia Technology Index increased the most in percentage terms among the exchange’s indices, rising 5.48% to 90.86.
Decliners included Hartalega Corp Bhd, Kuala Lumpur Kepong Bhd, Petronas Gas Bhd, Pharmaniaga Bhd and British American Tobacco (Malaysia) Bhd.
Permaju Industries Bhd was the most actively traded stock with 456.39 million shares done. It closed up 2.5 sen at 17.5 sen.
Other active stocks included Metronic Global Bhd, XOX Bhd, Key Alliance Group Bhd, Dagang NeXchange Bhd and Hiap Teck Venture Bhd.
Asian stocks rose today after US Federal Reserve chair Jerome Powell soothed nerves over rising US bond yields and calmed inflation worries by reassuring markets for a second day that interest rates would be left unchanged for now, Reuters reported.
South Korea's Kospi rose 3.5%, Japan's Nikkei 225 surged 1.67%. Hong Kong’s Hang Seng Index recovered from yesterday’s loss, rising 1.2%, while the Shanghai Composite Index closed up 0.59%.